Within his freshly published memoir, named Ithaki, the former premier Tsipras does not hold back while he revisits the chaotic era of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's account, he appointed the unorthodox academic Varoufakis to be his finance minister primarily due to the latter's international reputation along with Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, in reality, more like a personality and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras claims that his finance chief had his own motives that involved promoting Varoufakis's publications and experimenting with his game theories using Greece instead of genuinely advocating its economic stability.
He explained how the discussions to prevent insolvency were “not only a way to secure a better deal for Greece. They became a test, an historic chance to demonstrate the validity of his economic theories.”
Critical Talks
During rollercoaster discussions, the country came dangerously close to leaving the eurozone.
At stake was both the country's future but also those harsh cutbacks demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were put to a popular referendum, a move that plunged the EU into a further existential crisis.
Even though the vote was won resoundingly by voters who opposed austerity, Tsipras had little option but to reject its outcome and agree to a rescue deal with foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency as well as issuing coupons to retirees, the leader said he realised that it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that his former ally had proved himself “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras further wrote how Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
